Thursday, October 29, 2020

Property tycoon Malik Riaz Hussain agrees to £190 million settlement with UK authorities in alleged proceeds of crime

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A business tycoon has agreed to hand over £190 million in cash and assets – including a £50m London home – over accusations they were the proceeds of crime.

The National Crime Agency (NCA) said on Tuesday it had agreed the total settlement figure with Malik Riaz Hussain, founder of Asia’s largest privately held property development company Bahria Town, and his family.

As part of the settlement, the Pakistani national will hand over One Hyde Park Place, a Grade II listed 16,000sq ft (1,486sq m) family home overlooking central London’s famous park, which is valued at £50m.

The NCA had already frozen eight UK bank accounts totalling £120m in August, after £20m was frozen in another UK account in December 2018 as part of the same investigation.

British authorities have been responsible for acquiring the cash and assets which will be returned to the Pakistan government.

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Hussain’s company is one of the largest private sector employers in Pakistan.

Coming from humble beginnings, he made his name by building gated communities first for the Pakistan Navy and then across the country.

Known for his shrewd business dealings, his Bahria Town Karachi project is Asia’s largest private project, covering 46,000 acres (72sq mi) with plans for the world’s third largest mosque, a cricket stadium and a 36 hole PGA golf course.

The UK freezing orders were on the cash and assets rather than against any individual, and the settlement is a civil legal procedure that does not represent a finding of guilt.

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Source: news.sky.com

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